As new pension freedoms arrive the City watchdog urges retirees to be ‘ScamSmart’

23rd March 2015

The City watchdog, the Financial Conduct Authority (FCA), has launched the next wave of its ‘ScamSmart’ campaign aimed at raising awareness among consumers on how to spot dodgy investment scams.

With the changes to the retirement system, which will allow people to access their pension pot arriving in April, the organisation is urging people to be wary con artists looking to steal their nest-egg.

The new pension flexibilities mean thousands of people will be making vital decisions about their retirement, and this can be the very moment that unscrupulous fraudsters will offer investments with high returns. The FCA wants would-be investors to:

Reject cold calls – investment scammers will often cold call

Check the FCA Warning List

Get impartial advice

Martin Wheatley, chief executive of the FCA said: “The new pension flexibilities will offer people the freedom to make choices that suit their plans for retirement. But this is exactly the time when people need to alert to the dangers of scammers offering opportunities that are too good to be true.

“Our ScamSmart campaign sets out the straightforward steps people can take to protect themselves and number one is if you get cold called about an investment opportunity, hang up. Any decision about your retirement is important, start off on the strongest footing by being ScamSmart.”